During a Client's Stocktake You Select a Sample of Items

question 16

Multiple Choice

During a client's stocktake you select a sample of items from the floor, count them and trace the quantities to the inventory summary sheet.Which financial report assertion is this audit procedure related to?

• A)Valuation and allocation.
• B)Rights and obligations.
• C)Completeness.
• D)Existence.

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Definitions:

International Business

Commercial activities that occur across national borders, including trade, investment, and operational activities.

Tying Agreement

A practice where the seller of a product or service requires the buyer to also purchase another product or service.

Anticompetitive Effect

A situation or action that harms competition in a market, often by creating barriers to entry or monopolizing a sector.

Foreclosed

A legal process by which a lender takes possession of property used as collateral for a loan that has not been repaid according to the terms of the mortgage or deed of trust.